M Holdings Securities Inc. bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG – Get Rating) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 2,617 shares of the company’s stock, valued at approximately $245,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PAG. Atlas Capital Advisors LLC acquired a new stake in Penske Automotive Group during the 1st quarter worth approximately $26,000. First Quadrant LLC CA purchased a new position in Penske Automotive Group in the 1st quarter worth approximately $33,000. Quadrant Capital Group LLC boosted its holdings in Penske Automotive Group by 32.8% in the 1st quarter. Quadrant Capital Group LLC now owns 413 shares of the company’s stock worth $39,000 after acquiring an additional 102 shares during the period. GHP Investment Advisors Inc. purchased a new position in Penske Automotive Group in the 1st quarter worth approximately $54,000. Finally, MetLife Investment Management LLC purchased a new position in Penske Automotive Group in the 1st quarter worth approximately $58,000. Institutional investors and hedge funds own 33.07% of the company’s stock.
Insider Buying and Selling
In related news, Director John Barr sold 5,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $116.06, for a total transaction of $580,300.00. Following the transaction, the director now directly owns 3,683 shares in the company, valued at $427,448.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 46.60% of the stock is currently owned by company insiders.
Penske Automotive Group Stock Performance
Penske Automotive Group (NYSE:PAG – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $4.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.47 by $0.46. Penske Automotive Group had a return on equity of 34.68% and a net margin of 5.28%. The firm had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.07 billion. During the same period last year, the business posted $4.47 earnings per share. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. Equities research analysts forecast that Penske Automotive Group, Inc. will post 18.16 EPS for the current year.
Penske Automotive Group Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Wednesday, August 10th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Tuesday, August 9th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 2.03%. Penske Automotive Group’s dividend payout ratio (DPR) is 11.68%.
Analysts Set New Price Targets
PAG has been the subject of a number of analyst reports. StockNews.com cut Penske Automotive Group from a “strong-buy” rating to a “buy” rating in a report on Monday, August 1st. Bank of America reduced their target price on Penske Automotive Group from $185.00 to $182.00 and set a “buy” rating for the company in a research note on Friday, September 9th. Finally, Morgan Stanley reduced their target price on Penske Automotive Group from $95.00 to $93.00 and set an “underweight” rating for the company in a research note on Thursday, July 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Penske Automotive Group presently has a consensus rating of “Moderate Buy” and an average target price of $124.60.
About Penske Automotive Group
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.
- Get a free copy of the StockNews.com research report on Penske Automotive Group (PAG)
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